Bitwise Files for SUI ETF, Intensifying Fund Race

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Crypto index fund manager Bitwise has moved to launch an exchange-traded fund that tracks SUI tokens. The company submitted a registration statement for the Bitwise SUI ETF to the Securities and Exchange Commission on Thursday.

According to the filing, the fund aims to provide exposure to the value of the SUI tokens it holds, minus operational expenses. The document outlines that Coinbase Custody Company, LLC will serve as the custodian for the assets. A specific ticker symbol and sponsor fee were not disclosed in the initial filing.

Bitwise is not alone in seeking approval for a SUI-focused ETF. The race began in March when Canary Capital filed for the first such product, with 21Shares quickly following. While those applications are pending, 21Shares recently launched the first exchange-traded product for SUI, a leveraged ETF, earlier this month.

SUI currently holds the 31st position among cryptocurrencies by market capitalization. It functions as the native asset of the Sui Layer 1 blockchain, a project that originated from Meta’s discontinued Diem initiative.